Final answer:
The purchasing/supply function in cross-functional teams plays a vital role in new product development, supply and demand analysis, and collaboration with business partners, requiring strong communication and negotiation skills.
Step-by-step explanation:
The role of purchasing/supply in cross-functional sourcing teams is critical for new product development and initiating joint ventures and partnerships.
By working cooperatively with various departments such as marketing, sales, and manufacturing, the purchasing team ensures that products meet market demands and are produced cost-effectively. They apply demand and supply models to predict and analyze prices and quantities, which is essential for maintaining equilibrium in the market.
Additionally, the purchasing team contributes to sustainability efforts and must possess strong communication and negotiation skills to facilitate collaboration and manage any disputes that may arise within the team or with external partners.